Economic experts share Bitcoin opinions

Is Bitcoin's bubble about to burst?

Digital currency was seen as an “unfulfilled dream of Silicon Valley,” according to Nathaniel Popper, author of the 2015 book Digital Gold.

However, bitcoin seems to be succeeding where PayPal failed as Papa-Wassa Chiefy Nduom, vice president of Group Nduom has advised the Bank of Ghana to expand its investment by holding some of its funds in bitcoin.

Tim Draper, a venture capitalist, purchased nearly 30,000 bitcoins in 2014 US Marshall Service auction. Mr Draper confirmed in December he still holds all of the coins he purchased.

Bitcoin has benefitted from the interest and involvement of high-profile financial backers before.

This move does not come as too much of a surprise as last year in October Mr Thiel was reported saying that critics of bitcoin are “underestimating” the potential of the cryptocurrency.

He compared bitcoin to gold saying that it has more potential as a long-term store of value than as an everyday payment method.